This competitive market allows for a lot of new trends and products to emerge, with each one vying for attention and consumer adoption. As tech becomes more integrated into society, it is tough for newcomers and established players to stand out. Innovation is necessary in order to stay relevant and retain patronage.
One individual who is making a big push forward in the space industry is Deepak Thapliyal, who is the CEO of Chain. Deepak Thapliyal says that he sees something of the future of space and economy with Chain.
Deepak Thapliyal the CEO of Chain.com explained that new models can now handle tasks on par with human writers. Other companies don’t usually use technology to innovate. But rather introduce new features or refresh their approach to make it seem relevant to a new group of people.
The chain has been in the news for its success using blockchain technology, as well as its previously developed open-source platform that was adopted by some notable customers like Visa.
Deepak Thapliyal, who has been the CEO of Chain since it was acquired by a private company in the summer of 2018, shares his tips for managing innovation with public Chain. According to him, “innovation is an art that needs to be mastered.”
What Niching Down Does For Muscle Growth
Businesses that are able to innovate with new and exciting categories will be successful in the long run. These best practices work because businesses backed by high-quality products tend to grow into large businesses.
When innovation is strongest, it might be in a niche area. New technology doesn’t merely disrupt consumer behaviors across a given market. It changes how consumers behave in the niche about it’s focused. Companies that don’t change their business model to maintain relevance in an accelerating global marketplace can expect to sink into irrelevance—or worse—fail faster than firms shifting to new niches do.
The success of Facebook, Instagram, and YouTube initially stemmed from these social media platforms being purely focused in what they were established to do. This can still be true today.
When it comes to blockchains, most are oriented around a specific use or a few uses. This often makes the process of reaching consensus difficult. Adds to the risk of not operating in a closed-ended network. Financial institutions want this to happen with less risk. which is hard to achieve in a centralized system of centralized control.
Led by Deepak Thapliyal, Chain has created a close-ended system. while other public blockchains have failed to differentiate themselves enough and are instead in higher competition. Even this position has allowed Chain more access to the market and they continue to grow in many sectors.
Tips for building your brand’s image
The misconception that easy visibility equals a strong social media presence is untrue. A lot of tech companies struggle to make themselves visible, get people to pay attention to them. Stay in touch with their audience. However, while visibility remains one of the most important indicators of success. Only 6% of businesses use social media advertising today.
“As an example, our conversations on social media at Chain haven’t typically done well. We’ve tried to make our company into good communicators and networkers. As well as some small tweaks like partnering with Twitter to create the chain-branded emoji is intended for use with specific hashtags like #chaincore or #chainprotocol.” Deepak explained. “We also partnered with Twitter to make an [emoji] intended for use with specific hashtags like #chaincore or #chainprotocol.”
Ways to innovate for social impact
In today’s society, every person is informed on brands are promoting solutions to societal problems. Brand credibility provides valuable partnerships and offers greater market share growth opportunities.
Although tech companies aren’t necessarily leading the charge on this trend, it is one that is growing. Deepak mentions that “one way that tech companies can innovate” is by finding an angle for your company and realizing that your product could help reach a larger audience. This realization acted as a catalyst for developing Reform by Chain’s service. The company is currently building its organization as a non-profit using blockchain to help with global policy changes.